South Dakota § 51A-15-7 Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.

South Dakota Statutes

§ 51A-15-7 — Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.

South Dakota § 51A-15-7

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-7 (Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-15-7 (2026).

Text

Any assets remaining after the discharge of all obligations shall be distributed to the stockholders in accordance with their respective interests. No such distribution shall be made before:

(1)All claims of depositors and creditors have been paid, or, in the case of any disputed claim, the bank has transmitted to the director a sum adequate to meet any liability that may be judicially determined;

(2)Any funds payable to a depositor or creditor and unclaimed have been transmitted to the state treasurer; and (3) Approved by the director. Any unclaimed distribution to a stockholder or depositor shall be held until ninety days after the final distribution and then transmitted to the state treasurer for disposition pursuant to chapter 43-41B .

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Any assets remaining after the discharge of all obligations shall be distributed to the stockholders in accordance with their respective interests. No such distribution shall be made before: (1) All claims of depositors and creditors have been paid, or, in the case of any disputed claim, the bank has transmitted to the director a sum adequate to meet any liability that may be judicially determined; (2) Any funds payable to a depositor or creditor and unclaimed have been transmitted to the state treasurer; and (3) Approved by the director. Any unclaimed distribution to a stockholder or depositor shall be held until ninety days after the final distribution and then transmitted to the state treasurer for disposition pursuant to chapter 43-41B .